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Domestic markets saw fluctuations on Wednesday but managed to recover losses by the end of the session. Nifty consolidated at a higher zone after hitting a fresh high previously. Analysts expect gradual market growth with sectorial rotation, driven by hopes of a US rate cut and foreign investors turning buyers.

Shares of Nvidia plunged 9.5% in a historic single-day decline, shedding $279 billion in market value. This drop reflects investor caution about AI technology amid a broader market selloff following weak economic data. The PHLX chip index also fell significantly, highlighting concerns over the payoff from AI investments.

Sebi officials have complained to the finance ministry about a toxic work culture under chairperson Madhabi Puri Buch. The letter accuses the leadership of using harsh language, setting unrealistic targets, and monitoring employees excessively. Sebi claims issues have been addressed, but concerns about mental health and work-life balance persist.

Listed companies are increasingly using qualified institutional placements (QIPs) to raise capital. In the first eight months of 2024, 55 companies raised ₹58,400 crore through QIPs. Companies like Vedanta and Adani Energy Solutions have utilized this route for debt repayment and expansion plans. Favorable market conditions make QIPs a preferred fundraising method.

Ventive Hospitality, a joint venture between Blackstone Group and Panchshil Realty, plans to file for an IPO to raise ₹2,500 crore. The company owns luxury hotels in India, the Maldives, and Sri Lanka. JM Financial and Kotak Mahindra Capital are appointed for the IPO process.

Adani Green Energy plans to redeem $750 million in bonds due on September 9, financed through internal accruals, a $300 million infusion from Total Energies, and $281 million from promoters. The company will shift focus to issuing bonds at the restricted group level post-redemption.

HDB Financial Services, the non-banking finance arm of HDFC Bank, is preparing for an IPO. They are in talks with Bank of America Securities, Morgan Stanley, and Nomura to shortlist advisors. The IPO aims to raise around ₹10,000 crore by diluting nearly 10% of its stake. The listing complies with RBI guidelines.

I agree that some part of the IT and pharma, it is slightly looking tired, maybe they have had the run, which is possibly the reason for which they are currently undergoing some amount of quiet movement on the counters.